Poly Medicure plans to invest Rs 5 cr

Poly Medicure, a manufacturer of Polymed brand of medical devices and disposables, is set to launch diagnostics products. The company would invest about Rs 5 crore in two years to produce blood collection tubes, needles and laboratory disposables, according to senior general manager (sales and marketing) Hemant Bhalla.

Speaking to the media here on Tuesday, he said improving affordability and greater penetration of health insurance were contributing to the increased demand for diagnostic services. Besides, India was emerging as the outsourcing hub for clinical trials and research and development of global pharmaceutical companies that's fuelling demand for diagnostic services.

Poly Medicure would appoint distributors for its blood collection tubes and insulin syringes in the state, he said, adding it would have a pan India presence in six months. The company has already set up a plant to produce 50 million blood collection tubes a year. For export sales, it was tying up with existing network of dealers and distributors. “We expect a revenue of about Rs 20 crore from diagnostic products by 2012,” he said.

The company would spend Rs 25 crore each on expanding the manufacturing capacities at its Faridabad plant (400 million pieces) and for setting up a new plant at Jaipur in two years (75 million pieces capacity) for exports to the European market.